An insurance policy costs $120 and will pay policyholders $9,000 if they suffer a major injury (resulting in hospitalization) or $2500 if they suffer a minor injury (resulting in lost time from work). The company estimates that 1 in every 2021 policyholders will suffer a major injury and that 1 in 496 will suffer a minor injury. a) Create a probability model for the profit on a policy. b) What's the company's expected profit on the policy? c) What's the standard deviation? a) First find the probability and profit for each outcome. P(event) Profit no injury major injury minor injury

An insurance policy costs $120 and will pay policyholders $9,000 if they suffer a major injury (resulting in hospitalization) or $2500 if they suffer a minor injury (resulting in lost time from work). The company estimates that 1 in every 2021 policyholders will suffer a major injury and that 1 in 496 will suffer a minor injury. a) Create a probability model for the profit on a policy. b) What's the company's expected profit on the policy? c) What's the standard deviation? a) First find the probability and profit for each outcome. P(event) Profit no injury major injury minor injury

Name: It’s been wrong twice... please help someone that’s knows what they’re
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Description: It’s been wrong twice... please help someone that’s knows what they’re doing preferably An insurance policy costs $120 and will pay policyholders $9,000 if they suffer a major injury (resulting in hospitalization) or $2500 if they suffer a minor inju

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter8: Sequences, Series,and Probability

Section8.7: Probability

Problem 4ECP: Show that the probability of drawing a club at random from a standard deck of 52 playing cards is...

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